El Paso (Texas) Firemen & Policemen's Pension Fund hired Garcia Hamilton & Associates to manage $115 million in an active domestic core fixed-income portfolio, said Tyler Grossman, executive director, in an email.
The $2 billion pension fund conducted a shortlist search because it wanted to have additional active exposure in the asset class, Mr. Grossman said.
Funding comes from reducing Pacific Investment Management Co.'s active domestic core fixed-income portfolio by $88 million, leaving it with about $130 million, and terminating a $27 million passive domestic core fixed-income portfolio managed by Northern Trust Asset Management.
As of Dec. 31, the pension fund's actual allocation to fixed income was 20.2%; the target was 20%.
Investment consultant AndCo Consulting assisted.
